A recent study by JD Powers revealed that although insurtechs are growing in popularity, consumers are finding confort in the top 5 brands.
The top 5 auto insurance providers (by premiums written) have seen their overall market share climb from 44% to 60% within the last 20 years. New insurers, focused on heavily digital solutions have seen growth but the top 5 have been able to grow as well as they offer telematics, digital claims processing, pandemic related refunds and price adjustments, and more. Last year alone saw a 3% year-over-year increase in auto insurance customer migration to the top five insurers.
Half of consumers made changes to their policIes or policy provider due to the pandemic. The report showed that the most common changes were reduction in coverage (17%) and shopping for a new carrier at 15%.